Modernizing Financial Systems

Modernizing Financial Systems

 

Project Details

The Financial System Modernization project focuses on implementing policy, procedure, and system changes needed to increase consistency in financial operations across campus and create the conditions for a successful future ERP implementation. Phase 1 began November 2023 and most activity will conclude September 1, 2024.  Phase 2 is targeted to begin in the fall of 2024.

Project Objectives

  • Enhance the *DEFINE financial system to optimize business operations.
  • Improve business processes and policies.
  • Increase data access, availability, and usability.

Project Working Group

Executive Sponsor: Vice President and Chief Financial Officer.
Policy and Procedure Improvements: Financial and Administrative Services.
Campus Impact Assessment: University Business Services (UBS).
Technical Support: Enterprise Business IT Solutions (eBITS).
Consultation: Council of University Business Officers.

Scope of Work

This project is comprised of two phases with focus areas that include:

Area

Phase I

Phase II

Unified Navigation Framework

Create a unified navigation framework across multiple financial applications.Continued modernization efforts of web interface.

Expand use of Tracker

  • Expand the use of UT Tracker across all CSUs
  • Implement programmatic generation of documents in *DEFINE
  • Expand document generation
  • Retire Request Form System
  • Continue automation efforts

Financial Clean-up

  • Implement best practices for EOM, Unit code, Object Code, Budget group, and Subaccount structure
  • Standardization: clean-up and reduction efforts
 

Enhance Reporting

  • Migrate financial data hub
  • Increase data access
  • Expand training efforts
  • Enhance web-based functional views and university-wide reporting tools

Policy/Procedure Review

  • Review outdated policies and procedures for updates
  • Process improvements: Signature Desk and accounting forms

Request to Pay Lifecycle

  • Huron engagement regarding Jaggaer and potential campus value
  • Evaluation of findings and determination of next steps

 

Phase 1

Accomplishments to date include:


Request to Pay Lifecycle Transformation: Engaged with Huron to evaluate and expand Jaggaer for request to expense functionality.

Financials Policy and Processing Improvements: Addressing billing issues, standardizing report codes, and updating AUF and NACUBO codes.

Signature Desk Approval Improvement: Enhanced flexibility for signature approvals.

Updated Procurement Forms: Streamlined forms for various procurement needs, including noncompetitive purchases and emergency procurements.

UT Market Enhancements: Expanded functionality and new catalogs for easier campus purchases.

Unified Navigation Framework: Created a unified navigation framework across multiple financial applications.

 

Work continues in the following areas:

  • UT Tracker Expansion: Integrating more financial operations and piloting with various schools.
  • Policy/Procedure Enhancements: For account reactivation and wire transfer processes.
  • Financial Reporting Improvements: Deploying Power BI cubes for monthly and yearly financial reporting.